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NY A05841
Bill
Status
Introduced
2/24/2025
Primary Sponsor
David Weprin
Click for details
AI Summary
- Lowers the purchase agreement threshold for non-eviction conversion plans in New York City from 51% to 25% of dwelling units for a plan to be declared effective
- Adds a new requirement that written consent must be obtained from tenants occupying at least 51% of dwelling units before conversion can proceed
- Creates a dual-requirement system where both the 25% purchase agreements AND 51% tenant consent must be met for plan effectiveness
- Maintains existing exception for buildings with five or fewer units where the sponsor or their immediate family has occupied for at least two years (15% threshold)
- Takes effect immediately upon passage
Legislative Description
Provides that a plan may not be declared effective for conversion to cooperative or condominium ownership until written purchase agreements have been executed and delivered for at least twenty-five percent of all dwelling units in the building or group of buildings and written consent has been obtained from the bona fide tenants who were in occupancy of fifty-one percent of the dwelling units in the building or group of buildings or development on the date a letter was issued by the attorney general accepting the plan for filing.
Last Action
referred to housing
1/7/2026
Committee Referrals
Housing2/24/2025
Full Bill Text
No bill text available